Tirex Resources Ltd. ('Tirex' or the 'Company') is pleased to announce that the European Bank for Reconstruction and Development ('EBRD') has agreed, pursuant to an amendment agreement and subject to satisfaction of certain conditions, to extend the maturity date of its convertible loans to February 28, 2017. The loans bear interest at the European Union Interbank Offered Rate (EURIBOR) rate plus 1.5%.
The EBRD fosters transition to market economies in countries from central and eastern Europe to central Asia and the southern and eastern Mediterranean. Since the EBRD's establishment in 1991, the bank has grown to be the largest financial investor in their region of operations. The EBRD is owned by 65 countries, the European Union and the European Investment Bank. The EBRD's very strong capital position, prudent financial management and strong shareholder support underpin the EBRD's AAA/Aaa/AAA (stable) credit rating.
The EBRD is one of the most active financiers of the private sector in Albania. Its main areas of focus are supporting small production enterprises, supporting the financial sector, developing natural resources and improving infrastructure. The EBRD is also engaged in policy dialogue with the Albanian government, with the potential to invest in key public sector projects, along with the implementation of numerous donor-funded projects in the country.
On Behalf of Management,
Fred Tejada,
President
Tirex Resources Ltd.
700 - 510 West Hastings Street
Vancouver, B.C., Canada V6B 1L8
Tel. 604-687-7130 Fax. 604-608-9110 Email:
[email protected]
Website:
www.TirexResources.com
Forward-Looking Statements. This Tirex News Release may contain certain 'forward-looking' statements and information relating to Tirex. Such statements include but are not limited to statements about the Agreement, Licenses, the production arrangements and the timing of the mine development, and production. Often forward-looking statements or information include words such as 'plans', expects', 'intends', 'anticipates', 'estimates' 'forecasts', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or will be taken occur or be achieved. Although forward-looking statements and information contained in this release are based on the beliefs of Tirex management, which we consider to be reasonable, as well as assumptions made by and information currently available to Tirex management, there is no assurance that the forward-looking statement or information will prove to be accurate. The forward-looking statements and information contained in this release are subject to current risks, uncertainties and assumptions related to certain factors as well as risks, uncertainties and other factors discussed in our quarterly and annual and interim management's discussion and analysis. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements and information may vary materially from those described herein. Accordingly, readers should not place undue reliance on forward-looking statements and information contained in this release. We undertake no obligation to update forward-looking statements or information except as required by law.
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